Tag: tax
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GST Bills Reporting for Works Contractors: Understanding RA Bills
Introduction The implementation of the Goods and Services Tax (GST) in India has significantly transformed the taxation landscape for various sectors, including the construction industry. One of the critical components…
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Exports and Freight: Can We Claim ITC on Them as We Do Not Charge GST?
Introduction Exports are a crucial component of India’s economy, and the Goods and Services Tax (GST) regime has been designed to facilitate their seamless functioning. One of the key concerns…
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GST Refund on Company Dissolution: Can You Claim ITC?
When dissolving a company, one of the key concerns is whether any Input Tax Credit (ITC) accumulated in the GST ledger can be claimed as a refund. Many businesses accumulate ITC from administrative…
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Urgent Alert: Recompute Your Annual ITC Reversal Before March 2025 to Avoid Interest!
As the financial year 2024-25 nears its close, businesses registered under GST must take immediate action to recompute their Input Tax Credit (ITC) reversal under Rule 42 of the CGST…
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New GST Registration with Inactive GSTIN: What to Know
Introduction The Goods and Services Tax (GST) regime in India mandates businesses to obtain GST registration and comply with periodic filing requirements. However, many businesses inadvertently let their GST registration…
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Step-by-Step Guide to Claim GST Refunds
Introduction Under the Goods and Services Tax (GST) regime, taxpayers maintain an Electronic Cash Ledger (ECL) to deposit tax, interest, penalty, fees, or any other amount payable under GST. In…
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GST Notices for Mismatch in GSTR-1 & GSTR-3B: How to Respond?
Table of Contents 1. Introduction A mismatch between GSTR-1 and GSTR-3B can lead to a notice from the GST department, causing unnecessary penalties and compliance burdens. If your reported outward supplies in GSTR-1…
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GST Amnesty Scheme 2024 – Section 128A
Introduction The Government of India, through the Central Board of Indirect Taxes and Customs (CBIC), has introduced the GST Amnesty Scheme 2024 under Section 128A of the Central Goods and Services Tax (CGST) Act.…
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Consequences of Not Filing GST Returns: Financial, Legal, and Business Risks
Introduction: Goods and Services Tax (GST) compliance is essential for businesses operating in India. One of the fundamental requirements under the GST regime is the timely filing of returns, which…
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New GST Rule Alert: DRC-01C Notices Now Triggered Automatically – What You Must Do Within 7 Days!
Table of Contents What is DRC-01C? DRC-01C is an intimation issued under Rule 88C of the CGST Rules when: It’s GSTN’s way of telling you: “Hey, you reported high sales, but didn’t…
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